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Chapter 8: Cash And Bank Management Daily Procedures
8-1
CHAPTER 8: CASH AND BANK MANAGEMENTDAILY PROCEDURES
ObjectivesThe objectives are:
Create checks.
Delete checks.
Create a bank deposit entry.
Void checks.
Create a refund that prints a check.
Use bank remittances.
Reverse a posted check payment. Reconcile bank statements.
Introduction
Within the Cash and Bank Management module, users manage the financial
transactions between the company and its bank accounts. These transactions
include the following:
Processing payments to bank and ledger accounts
Processing payments from bank and ledger accounts
Reconciling the records of financial transactions from banks with therecords in Microsoft Dynamics AX
This section discusses the various processes available to manage bank
transactions in Microsoft Dynamics AX.
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Scenario
At Contoso Annie is the Bookkeeper that manages the creation, deletion, and
voiding of checks and electronic payments. Annie creates check refunds for
customers when required and processes payments to vendors. Also, when
Contoso receives a bank statement, Annie reconciles the statement with the
transactions in the application.
Create Checks
In Microsoft Dynamics AX, the Checkform provides access to view existing
check transactions and to create new checks.
Procedure: Create Checks
Perform the following steps to create checks.
1. ClickCash and bank management,clickCommon,and then clickBank accounts.
2. Double-click on the Bank account from which the checks will bewritten.
3. On the Action Pane, click the Setup tab.
4. Click the Check numbers button. This option is only available ifthe Check number method is set to Fixed in the Check layout
form. If the method is set to Free, the check numbers option is not
available. To verify, click the Checkbutton on the Action Pane.
5. In the Creation of checkform, the selected bank account isdisplayed in the Bank account field.
6. In the From field, enter the check number for the first check to becreated.
7. In the Quantity field, enter the number of checks to be created.
8. ClickOK.
EXAMPLE: To create a total number of 1250 checks starting with check number
2000, in the From field, type 2000, and in the Quantity field, type 1250. This will
create checks numbered 2000 to 3249.
NOTE: As soon as created checks are available, checks generate through the
Accounts Payable payment journal. See theAccounts Payable help for more
information on this process.
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Chapter 8: Cash And Bank Management Daily Procedures
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Delete a Check
After users create a check in Microsoft Dynamics AX, they can delete the check
if it has not been used. Checks created but not used have the status ofCreated in
the Status field.
Procedure: Delete a Check
Perform the following steps to delete a check.
1. ClickCash and bank management,clickCommon,and then clickChecks.
2. Select the bank account from which to delete a check.
3. Click the Delete checks button.
4. In the From field, enter the number of the first check to delete.
5. In the To field, enter the number of the last check to delete.
6. To verify the deletion, type Delete in the Type Delete if you want todelete field, and then clickOK.
NOTE: If you include checks that have a status other than Createdin the interval
between the From andTo fields, no checks are deleted and the Delete checks job
is canceled.
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Lab 8.1 - Create and Delete a Check
Scenario
Annie, the Bookkeeper at Contoso, must complete a check run that consists of 15
checks, starting with check number 101. The checks are from the EUR OPER
bank account.
After Annie created the checks, she learned that only 12 of the checks were
needed. The last 3 checks must be deleted.
Challenge Yourself!
Help Annie to create checks, and then delete the unnecessary checks.
Need a Little Help?
Create 15 checks for the EUR OPER bank account, starting with check number
101.
Delete the final three checks.
Step by Step
Create 15 checks for the EUR OPER bank account, starting with check number
101.
1. ClickCash and bank management,clickCommon,and then clickBank accounts.
2. Double-click on the EUR OPERBank account.3. On the Action Pane, click the Setup tab.
4. Click the Check numbers button.
5. In the From field, type 101.
6. In the Quantity field, type 15.
7. ClickOK.
8. Click the Closebutton in the Infolog.
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Chapter 8: Cash And Bank Management Daily Procedures
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Delete the final three checks.
1. ClickCash and bank management, clickCommon,and then clickChecks.
2. Click on the EUR OPERBank account.
3. Click the Delete checks button.4. In the From field, type 113.
5. In the To field, type 115.
6. Type Delete in the Type Delete if you want to delete field, and thenclickOK.
7. Click the Closebutton in the Infolog.
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Deposit Slips
A deposit slip is a document used to deposit checks, credit card notes, and cash
into a bank account. Use the Deposit slip form to view and manage deposit slips
for payments into bank accounts.
FIGURE 8.1 DEPOSIT SLIP FORM
Procedure: Create a Deposit Slip
Perform the following steps to create a deposit slip.
1. ClickAccounts receivable, clickJournals, clickPayments, andthen clickPayment journal.
2. Click the New button to create a new record.
3. Select a journal name from the Name list.
4. Click the Lines button to access the Journal voucher form.Or, click the Enter customer payments button to enter the payment
in the Enter customer payments form.
5. From the Journal voucher form, in the Account field, select theaccount of the customer who made the deposit.
6. Select a Description to attach information about the transaction tothe deposit.
7. In the Credit field, type the deposit amount.
8. Select the Use a deposit slip check box.
9. In the Offset account type field, select Bank.
10. In the Offset account field, select the bank account in which to makethe deposit.
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Chapter 8: Cash And Bank Management Daily Procedures
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Lab 8.2 - Create a Deposit Slip
Scenario
Annie, the Bookkeeper for Contoso, must enter a deposit for Customer 2022 for
1000 USD. The deposit was made to the USA OPER bank account and the
payment reference is 1987.
Annie realizes that she entered the deposit slip in error. The payment reference
should be 1988.
Challenge Yourself!
Help Annie complete the following:
1. Create a customer payment journal
2. View the deposit slip to verify it exists
3. Cancel the deposit slip4. Verify that the system canceled the deposit slip
Need a Little Help?
1. Select the Use a deposit slip check box in the Customer paymentjournal.
2. Click the Cancel payment button from the Deposit slip form tocancel the deposit slip.
Step by Step
Create a customer payment journal:
1. ClickAccounts receivable, clickJournals, clickPayments, andthen clickPayment journal.
2. Click the New button to create a new record.
3. Select ARPay in the Name list.
4. Click the Lines button to access the Journal voucher form.
5. In the Account field, select customer account 2022.
6. In the Credit field, type 1000.
7. Select the Use a deposit slip check box.
8. Make sure that the Offset account field contains USA OPER.
9. Make sure that the Currency field contains USD.
10. In the Payment reference field, type 1987.
11.Click the Postbutton, and then clickPost.
12.Click the Close button in the Infolog.
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Procedure: Create a Check Refund
Perform the following steps to create a check refund for a customer:
1. Create a customer payment journal line with a negative amount. Toaccess the customer payment journal clickAccounts receivable,
clickJournals, clickPayments, and then clickPayment journal.
2. Click the New button to create a new record, and then name thejournal.
3. Click the Lines button to access the Journal voucher form.
4. From the Journal voucher form, in the Account field, select theaccount of the customer who will receive the refund.
5. Select a Description to attach information about the transaction tothe check refund.
6. In the Credit field, enter a negative amount for the refund amount.
7. In the Offset account type field, select Bank.
8. In the Offset account field, select the bank account from which todraw the refund.
9. In the Currency field, enter the currency code of the bank accountfrom which to draw the refund.
10.Modify the Method of payment to Refund.
11.On the General, Payment, Payment Fee, and Banktabs, enter anyapplicable information.
12.Use the Financial Dimensions button to enter financial dimensionsfor the journal.
13.Click the Functions button, and then clickGenerate payments.
14. In the Method of payment field, select Refund.
15.Select the Bank account from which to draw the refund.
16.ClickOKto generate the check.
17.Click the Post button, and then clickPost.
NOTE: Before you create a check refund, set up aMethod of paymentto refund
a check to a customer if you have not done this already. For more information
aboutMethods of payment, review the Accounts Receivable Setup and Accounts
Payable Setup courses.
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Chapter 8: Cash And Bank Management Daily Procedures
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Lab 8.3 - Check Refund
Scenario
Contoso received an overpayment on account from Triangle Headquarters.
Annie, the Bookkeeper, must issue a refund check to Triangle Headquarters for
396 USD. The system should draw the refund from the US Operating Bank
Account.
Challenge Yourself!
Help Annie create a refund check to pay Triangle Headquarters the overpayment
amount of 396 USD.
Need a Little Help?
1. From the customer payment journal, create a new journal.
2. Create in the Journal voucher form, create a line for TriangleHeadquarters for the refund amount of 396 USD.
3. Enter the amount as a negative value to indicate that it is a refund.
4. Change the Method of payment to Refund.
5. Use the Functions button to create the check.
6. Post the refund amount.
Step by Step
1. To access the customer payment journal clickAccounts receivable,
clickJournals, clickPayments, and then clickPayment journal.2. Click the New button to create a new record.
3. In the Name field, select ARPay.
4. Click the Lines button to access the Journal voucher form.
5. From the Journal voucher form, in the Account field, select 2022,Triangle Headquarters.
6. In the Credit field, type -396.
7. Verify that Bankis selected in the Offset account type field andUSA OPER display in the Offset account field.
8. From the Method of payment list, select Refund.
9. Click the Functions button, and then clickGenerate payments.
10. In the Method of payment field, verify that Refund is selected.
11. In the Bank account field, verify that USA OPER is selected
12.ClickOKto generate the check.
13.Close the Infolog orWarning message.
14.Click the Post button, and then clickPost.
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Bank Remittance
Use the Remittance form to view the remittances made to company bank
accounts.
Procedure: Create a Bank RemittancePerform the following steps to create a bank remittance entry.
1. ClickAccounts receivable, clickJournals, clickPayments, andthen clickRemittance.
2. Click the New button to insert a new record.
3. In the Method of payment field, select the method of payment touse for this payment.
4. In the Bank account field, select the bank account for thisremittance.
5. The Printed field displays the date in the printed payment advice.
NOTE: For each step, you can define the minimum amount of information thatthe user must enter before he or she can continue to the next step. To ensure that
the bank advice is printed before posting, set a post validation for print.
6. The File creation date field displays the date that the file wascreated.
NOTE: For each step, you can define the minimum amount of information that
must be filled in before continuing to the next step. To ensure that the file is
created before posting, set a post validation for file creation date.
7. Click the General tab.
8. In the Payment step identification field, select the step associatedwith the payment.
9. In the Currency field, verify that the currency code used for thepayment is displayed.
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10. In the Remittance format field, select the remittance format for thepayment.
11.Click the Posting button, and then clickPost to post the remittance.
FIGURE 8.2 REMITTANCE FORM
Payment Reversal
Occasionally, you must reverse a check after you have made a payment and
posted the check. For example, the delivery company may have the check or a
member of the accounting staff may notice that an employee paid the check in
error. Microsoft Dynamics AX provides a function to reverse posted check
payments.
There are two methods available for reversing posted checks.
Reversals are posted immediately when you click the Paymentreversal button in the Check form.
When you click the Payment reversal button in the Check form, thereversal first is sent to the Check reversals journal in Cash and bank
management, where a reviewer can then post or reject the reversal.
You might reverse a check to reissue a payment made to a vendor. You can
reverse only posted checks that have a status of Paid. Reversing differs from
deleting or voiding checks because you can delete only checks that have a status
of Created, and you can void only unposted checks.
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Procedure: Reverse a Payment
Perform the following steps to reverse a posted check.
1. ClickCash and bank management, clickCommon, and then clickChecks.
2. Select the check to reverse.
3. ClickPayment reversal.
4. Enter the date and select a reason for the reversal. If yourorganization uses the Check reversals journal for review, you must
also select a journal name.
5. ClickOKto post the reversal or send the reversal for review,depending on which method your organization uses.
Procedure: Review a Payment Reversal
It is possible to either approve and post the journal, or reject the reversal. To
review reversals, follow these steps:
1. ClickCash and bank management, clickJournals, and clickCheck reversals.
2. Select the reversal journal to review and then clickLines.
3. Review the reversal and select one of the following approval options:
o To approve and post the reversal journal, click the Postbuttonand then clickPost orPost and transfer.
o To reject the reversal, click the Delete button.
4. Close the form and then click the Delete button again to delete thejournal header.
5. Close the form.
NOTE: Deleting the journal removes the reversal from the system, but the
original check remains in the Check form. The status of the check is no longer
Pending cancellation.
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Chapter 8: Cash And Bank Management Daily Procedures
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Reconcile a Bank Account
Bank Reconciliation is an important component of the Microsoft Dynamics AX
financial management system. Bank Reconciliation contains the features that
provide the following functions:
Enter additional transactions that affect balances
Automate the reconciliation process
Reconcile Overview
It is not possible to reconcile a bank account statement with a bank account if any
of the checks or deposit slip payments that are listed on the statement currentlyhave a status of Pending cancellation.
After a reviewer posts or rejects a check reversal or deposit slip payment
cancellation, the status is no longer Pending cancellation, and it is possible to
reconcile the bank account.
Procedure: Begin a Bank Account Reconciliation
Perform the following steps to reconcile a bank account.
1. ClickCash and bank management, clickCommon, and then clickBank accounts.
2. Select the bank account for which to reconcile the bank accountstatement.
3. Click the Account reconciliation button on the Action Pane andenter information as appropriate.
4. In the Bank statement date field, enter the date from the bankaccount statement.
5. In the Bank statement field, enter the number of the bank accountstatement.
6. In the Currency field, verify that the application inserts the correctcurrency for the selected bank account.
7. In the Ending Balance field, enter the total ending balance on thebank account statement.
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NOTE: TheReconciledfield displays the date of account reconciliation. The
system enters the date automatically when you post the transaction lines that
reconcile company bank records with the bank statement.
FIGURE 8.3 BANK ACCOUNT STATEMENT FORM
Procedure: Reconcile Transactions
As soon as you have entered information about the bank reconciliation, you can
review the transactions in the bank account instead of the transactions on the
bank statement. Perform the following steps to review transactions.
1. From the Bank statement form, click the Transactionsbutton.
2. Select the transactions to include in the reconciliation by selectingthe Cleared check box.
3. To select a check interval to clear for reconciliation, click the Markcheck intervalbutton. In the Mark check intervalfor
reconciliation form, enter the range of cleared check numbers in the
From and To fields.
NOTE: You cannot change the amount of the transaction during reconciliation.
To edit the amount of a transaction during reconciliation, enter the corrected
amount in the Correction Amountfield. Ensure that you enter the correction in
the currency used for the account.
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Procedure: Enter Missing Transactions
Sometimes transactions that have not been recorded in the system appear on the
bank statement. Perform the following steps to create transactions that have not
been recorded in the account.
1. Click the New button.
2. Select the correct transaction type in the Bank Transaction Typelist.
3. Enter the date of the transaction in the Date field.
4. If you used a check for the transaction, enter the check number in theCheck number field. Click the Checks button to view a list of the
checks for this account.
5. In the Deposit Slip field, enter the number for the deposit slip that apayment should be associated with, if applicable to the transaction.
Click the Deposit Slips button to view a list of the deposits for this
account.
6. In the Amount in transaction currency field, enter the transactionamount in the specified currency.
7. In the Main Account field, indicate which ledger account the systemshould offset when you create the new transactions during
reconciliation. The corrections post when you update the
reconciliation.
8. In the Description field, enter information that describes thetransaction.
9. On the Financialdimensions tab, enter any required dimensions forthe transaction.
NOTE: When you create transactions manually during reconciliation, the
application automatically will assign a voucher number, from the number
sequence and will mark itBank-account reconciled. The voucher number is
displayed on the Generaltab.
Procedure: Complete a Bank Account Reconciliation
After you have reconciled the transactions, click the Reconcile account button to
perform the reconciliation of the Bank Account.
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Procedure: Print Reconciliation Reports
Perform the following steps to print reconciliation reports.
1. Click the Printbutton, and then clickReconciliation summary toprint a bank reconciliation report. In the Bank reconciliation form,
select the fields to include in the report:
o Reconciliation summary
o Cleared transaction detail
o Uncleared transaction detail
2. Click the Printbutton, and then clickBank reconciliation to print areport that takes non-reconciled transactions into account and shows
transactions after the reconciliation date.
Summary
This course covers the main procedures in the Cash and Bank Management
module in Microsoft Dynamics AX. The application provides functionality to
manage check payments, as well as procedures for resolving special situations
with checks. Users can delete, refund, and void checks, in addition to generating
and issuing checks according to company specifications. In addition, because the
system records all financial transactions, companies can use the bank
reconciliation function to match internal company records of transactions against
bank statements.
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Test Your Knowledge
Test your knowledge with the following questions.
1. Annie, the Bookkeeper at Contoso, must create checks numbered 2361through 2366. What values must she enter in the From and Quantity fields to
do this?
( ) Enter 2361 in the From field and 5 in the Quantity field
( ) Enter 2366 in the From field and 5 in the Quantity field
( ) Enter 2361 in the From field and 6 in the Quantity field
( ) Enter 2366 in the From field and 6 in the Quantity field
2. What status must a check have for you to delete it?
( ) Void
( ) Processed
( ) Created( ) Invoiced
3. How can you tell if a deposit slip is canceled?
4. Create a check refund by placing the following steps in order:
Step:
_____: Create a customer payment journal line with a negative amount.
_____: Post the payment journal.
_____: Modify the method of payment to Check Refund on the negative payment
journal line.
_____: Generate the refund check.
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5. When you perform bank reconciliation, how do you exclude transactions thatare in the application but not on the bank statement from the reconciliation?
( ) Open the transaction
( ) Delete the transaction
( ) Select the Cleared check box
( ) Do not select the Cleared check box
6. Explain the circumstances in which you would delete, void, or reverse acheck.
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Quick Interaction: Lessons Learned
Take a moment and write down three key points you have learned from this
chapter
1.
2.
3.
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Solutions
Test Your Knowledge
1. Annie, the Bookkeeper at Contoso, must create checks numbered 2361
through 2366. What values must she enter in the From and Quantity fields todo this?
( ) Enter 2361 in the From field and 5 in the Quantity field
( ) Enter 2366 in the From field and 5 in the Quantity field
() Enter 2361 in the From field and 6 in the Quantity field
( ) Enter 2366 in the From field and 6 in the Quantity field
2. What status must a check have for you to delete it?
( ) Void
( ) Processed
() Created
( ) Invoiced
3. How can you tell if a deposit slip is canceled?
MODEL ANSWER:
On the Deposit slip form, on the General tab, the Canceled check box is
selected.
4. Create a check refund by placing the following steps in order:
Step:
1 : Create a customer payment journal line with a negative amount.
4 : Post the payment journal.
2 : Modify the method of payment to Check Refund on the negative payment
journal line.
3 : Generate the refund check.
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5. When you perform bank reconciliation, how do you exclude transactions thatare in the application but not on the bank statement from the reconciliation?
( ) Open the transaction
( ) Delete the transaction
( ) Select the Cleared check box
() Do not select the Cleared check box
6. Explain the circumstances in which you would delete, void, or reverse acheck.
MODEL ANSWER:
Checks that are created but not used have the status of Created in the Status
field. Checks with a Created Status can be deleted.
After printing or trying to print checks, but before posting, checks may be
voided. This may happen if checks are damaged in printing.
If payment has been made and a check has been posted, you can reverse it.
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